General Motors Announces Price Increase

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General Motors has announced an upcoming price increase on vehicles from Buick, Chevrolet, GMC and Cadillac, due largely to the increase in oil and metal costs.

The automaker hasn’t provided a model-by-model breakdown yet, but states that the average per-vehicle increase will be $123. GM did not provide a list of included or excluded vehicles, only saying that the price increase affects nearly all models from the automaker.

Increasing oil prices have led to a substantial uptick in the cost of producing plastic components, vinyl materials and tires, as well as the cost of filling new cars with oil and gas. Metal prices are up, and so are the costs of shipping raw materials to manufacturing plants, necessitating a consumer price increase similar to one announced by Toyota earlier this month.